Is 630 a Good Credit Score?

630 credit score

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    By Melissa Brock

    (Last Updated – 02/2024)

    A 630 credit score puts you squarely in the “fair” category. In other words, it’s not “good” but nor is it “poor,” which is the lowest range.

    Credit scores run from a low of 300 to a high of 850, and a 630 indicates that you are doing a somewhat less successful job of handling credit in the past than the average American. The average credit score is currently 718. Lenders look at your credit score as a predictor of how you will repay a loan in the future. Those with higher scores are likely to get more favorable rates and terms when they borrow.

    Read on to explore what a 630 credit score means and what you’re likely to qualify for with a 630 credit score.

    What Does a 630 Credit Score Mean?

    The most popular model for credit score ranges is the FICO® system, which runs from 300 on the low end to 850 on the high end.

    Here’s the breakdown:

    •   800 to 850: Exceptional

    •   740 to 799: Very good

    •   670 to 739: Good

    •   580 to 669: Fair

    •   300 to 579: Poor

    A 630 credit score falls in the “fair” category, meaning you fall below the average credit score among Americans and you may get declined for credit applications.

    Individuals with higher credit scores usually receive perks like lower interest rates when they borrow or apply for credit. The reason why, as briefly noted above: Lenders and creditors use a credit score to determine how likely you are to repay debts on time and otherwise handle it responsibly.

    Among the key factors that impact your score FICO or other credit score are your payment history, meaning do you pay on time; how much you owe; the length of your credit history; how much new credit you apply for; and the type of credit mix you have.

    Also worth noting is that there isn’t one single standard for lending. For instance, you may need a different credit score to purchase a home versus a car. However, the more the lender believes you appear to be risky, the more you’ll pay to borrow money. You’ll learn more about those specifics in a moment.

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    What Else Can You Get with a 630 Credit Score?

    With a 630 credit score, you will qualify for some kinds of credit, and you’ll learn the details below. But also consider some of the other ways this credit score may impact your financial life:

    •   Some utilities will let those with high credit scores get equipment (such as cable boxes, modems) without a deposit, or otherwise provide perks.

    •   Landlords may check credit scores when people apply to be tenants to help them evaluate whether they will likely pay their rent on time.

    For these reasons, building your credit score can have benefits you might not even have thought of. Ways to build your credit score include always paying on time, keeping your balance no more than 30% of your credit limit (preferably lower), extending your credit history (the length of accounts), responsibly managing a varied credit mix, and not applying for too many new forms of credit in too short a time period.

    Can I Get a Credit Card with a 630 Credit Score?

    Yes, you can get either a secured or unsecured credit card with a 630 credit score. A secured credit card requires you to put down a security deposit to open an account. The deposit acts as collateral for the credit card issuer. It’s a great way to build or rebuild your credit, especially if you are just starting out or haven’t used a credit card responsibly in the past. A secured card might be a great way to build your credit score up from 630 if you have your eyes on raising your credit score from “fair” to “good.”

    An unsecured credit card, on the other hand, does not require a security deposit. A lender just has your promise to pay back the money you charge on the card. Typically, you can find offers for credit cards starting with a score of 590 or so. However, you are likely to be charged a higher interest rate and receive fewer (if any) rewards.

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    Can I Get an Auto Loan with a 630 Credit Score?

    It’s important to recognize that there’s no “set” credit score that a lender will give you for an auto loan. However, having a good credit score will net you a lower interest rate than an average or lower score, which is where a 630 ends up on the scale. Most lenders of car loans are looking for a credit score of around 675, and for new cars, the figure may top 700.

    Bottom line: The lower your credit score, the more you’ll pay in interest rates. So while getting a loan isn’t impossible, it likely won’t have the most favorable terms.

    You can take steps toward changing your situation, however, and that includes working on building your credit score, saving for a down payment on a car loan (which could help you get approved and result in a lower interest rate), add a cosigner with higher scores to cosign a loan with you, or keep looking for a different car with better terms.

    Can I Get a Mortgage with a 630 Credit Score?

    You can get a conventional mortgage loan or certain government-backed loans for buying property with a 630 credit score. However, you may not qualify for a USDA or jumbo loan.

    Here’s a quick rundown of these common mortgage types:

    •   Conventional mortgage: You can typically get a conventional mortgage with a 620 credit score. A conventional mortgage loan is a loan not backed by a government agency and comes with a down payment requirement of typically 3% and up to 5% or 6% in closing costs. With a lower credit score, you may be offered higher interest rates than someone with a loftier score.

    •   FHA loans: FHA loans are loans offered to consumers and backed by the Federal Housing Administration (FHA). “Backed” means that the loan is insured by the federal government to protect your lender from default. FHA loans often allow you to borrow with a minimum credit score of 500 and a lower down payment option. You can also roll closing costs into your loan, which are the final costs you pay for the loan.

    •   VA loans: VA loans are backed by the U.S. Department of Veterans Affairs, and you must be a service member, veteran or qualifying surviving spouse to qualify for one of these loans. Most lenders look for a score of 620 but will consider scores as low as 580. They do not require you to have a down payment in hand to qualify. You must also have a Certificate of Eligibility (COE) to qualify for a VA loan.

    •   USDA loans: The U.S. Department of Agriculture guarantees USDA loans. There is no minimum credit score requirement, but you typically need a credit score of at least 640. You must also meet income criteria and purchase a home in a designated rural area.

    •   Jumbo loans: Jumbo loans exceed the Fannie Mae and Freddie Mac conforming loan limits. In 2024, the conforming loan limit is $766,500 unless you live in a high-cost area like Alaska and Hawaii, where the conforming loan limit is $1,149,825 for a single-unit property. The number increases depending on the number of units you own. Jumbo loans require a higher credit score, typically 700 to 720 and a 10% to 20% down payment.

    If you’re not sure which mortgage option fits you best, consider talking to a mortgage lender to learn more about the type of mortgage you may qualify for based on your 630 credit score.

    Can I Get a Personal Loan with a 630 Credit Score?

    Yes, you can get a personal loan with a 630 credit score.

    What exactly is a personal loan? It’s a loan you borrow from a bank that has a set interest rate and repayment period. You can use a personal loan for anything. For example, you might use it to pay for a wedding, consolidate credit card debt, pay for a home improvement project, or pay for medical expenses.

    Lenders may even allow you to borrow for a personal loan with a lower credit score than a 630. However, again, in this category, you’re considered a higher-risk borrower, and your lender may charge you a higher interest rate.

    Borrowers with “good” to “excellent” credit, however, will likely be able to get a personal loan with a lower interest rate. That can be good motivation to work on building your score.

    Recommended: Can I Refinance a Personal Loan?

    The Takeaway

    Now you have learned that a 630 credit score is neither “good” nor “bad.” It occupies the middle ground known as “fair” and can allow you to access some loans and lines of credit. These, however, will probably not have as favorable rates and terms as those offered to borrowers with higher scores.

    Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

    SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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